The General Agreement on Tariffs and Trade (GATT)was formed to replace the World Trade Organization (WTO)because the WTO was empowered only to reduce barriers to trade in goods.The GATT is an agreement to reduce barriers to trade in goods,services,and intellectual property.

Question

Quizplus · Accepted Answer

The statement is incorrect. GATT was formed before the WTO and was replaced by the WTO, not the other way around. Additionally, although the main focus of GATT was on reducing barriers to trade in goods, it did not cover services and intellectual property to the extent that the WTO does.

The General Agreement on Tariffs and Trade (GATT)was Formed to Replace